Tower Semiconductor Ltd. $TSEM Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp decreased its position in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 9.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 261,466 shares of the semiconductor company’s stock after selling 26,885 shares during the period. King Luther Capital Management Corp’s holdings in Tower Semiconductor were worth $30,701,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. USA Financial Formulas purchased a new stake in shares of Tower Semiconductor in the 4th quarter valued at approximately $27,000. CIBC Private Wealth Group LLC grew its stake in shares of Tower Semiconductor by 254.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 300 shares during the period. Westside Investment Management Inc. grew its stake in shares of Tower Semiconductor by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company’s stock valued at $34,000 after buying an additional 226 shares during the period. Advisory Services Network LLC purchased a new stake in shares of Tower Semiconductor in the 3rd quarter valued at approximately $48,000. Finally, Covestor Ltd purchased a new stake in shares of Tower Semiconductor in the 3rd quarter valued at approximately $52,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Stock Performance

NASDAQ:TSEM opened at $288.53 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.92 and a current ratio of 5.63. The stock has a market capitalization of $32.45 billion, a P/E ratio of 134.20 and a beta of 0.85. The company has a 50 day moving average price of $210.56 and a 200 day moving average price of $151.60. Tower Semiconductor Ltd. has a fifty-two week low of $37.48 and a fifty-two week high of $302.86.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings data on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.09. The firm had revenue of $413.63 million during the quarter, compared to analysts’ expectations of $410.72 million. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the company posted $0.35 EPS. Equities research analysts forecast that Tower Semiconductor Ltd. will post 2.64 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Susquehanna increased their price target on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research note on Thursday, May 14th. Wedbush increased their price target on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Barclays increased their price target on shares of Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a research note on Friday, February 13th. Finally, Benchmark increased their price target on shares of Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $276.75.

Tower Semiconductor Company Profile

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company’s technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.